Penn Entertainment confirms opening of new M Resort tower
Penn Entertainment has reaffirmed the Dec. 1 launch of M Resort’s second hotel tower during its latest investor call, while also confirming the termination of its online sportsbook agreement with ESPNBet. The new tower will increase capacity and support key upcoming events as the company continues to navigate operational and financial shifts.
Penn Entertainment has confirmed that M Resort’s second hotel tower will open on 1 December, adding nearly 400 rooms and bringing Southern Nevada’s total room inventory to around 150,500. The new tower will double M Resort’s capacity to 765 rooms and is opening earlier than initially projected. Penn said the earlier completion will allow the Henderson property to accommodate visitors for the National Finals Rodeo, New Year’s Eve and CES. Additional meeting space has also been introduced, including the 15,000sq.ft Montese Ballroom, and Penn estimates the overall expansion will add around 120 jobs.
The resort will further expand its dining offering with Meril, the New Orleans-inspired restaurant from Emeril Lagasse. The $206m tower development is the second of four major projects underway for the Pennsylvania-based operator. For the third quarter ending 30 September, Penn reported a net loss of $865.1m, or $6.03 per share, on revenue of $1.72bn. This compares to a net loss of $37.5m, or 24 cents per share, on revenue of $1.64bn during the same period last year.
